& \multicolumn{3}{c}{Outcomes} \\
\cmidrule(lr){2-4}
& High school GPA & Employed 8 years & Annual labor income \\
& & after the exams & 8 years after the exams \\
& & & (log) \\
\midrule
\multicolumn{4}{l}{\textit{Panel A: Controls for Students' Baseline Characteristics Selected by Double Lasso}} \\
\addlinespace[1ex]
$\textrm{GPA\_luck}$ &      0.0247***&      0.0017   &      0.0051** \\
                    &    (0.0015)   &    (0.0014)   &    (0.0024)   \\
\midrule
\multicolumn{4}{l}{\textit{Panel B: Controls for Students' Courses in 3\textsuperscript{rd} year}} \\
\addlinespace[1ex]
$\textrm{GPA\_luck}$ &      0.0251***&      0.0017   &      0.0046*  \\
                    &    (0.0015)   &    (0.0014)   &    (0.0024)   \\
\midrule
\multicolumn{4}{l}{\textit{Panel C: P-values for $\widetilde{\textrm{GPA\_luck}}$ Computed Using Permutation Tests}} \\
\addlinespace[1ex]
P-values for $\textrm{GPA\_luck}$&       0.000   &       0.242   &       0.020   \\
\midrule
\multicolumn{4}{l}{\textit{Panel D: P-values for $\textrm{GPA\_luck}$ Computed Using a Wild Bootstrap}} \\
\addlinespace[1ex]
P-values for $\textrm{GPA\_luck}^\textrm{e}$&       0.000   &       0.222   &       0.030   \\
\midrule
\multicolumn{4}{l}{\textit{Panel E: Expected Exam Grades Computed Using Teacher Grades}} \\
\addlinespace[1ex]
$\textrm{GPA\_luck}$ -- alternative definition of $\textrm{Exam}^\textrm{e}$&      0.0164***&     -0.0002   &      0.0047*  \\
                    &    (0.0013)   &    (0.0015)   &    (0.0025)   \\
\midrule
\multicolumn{4}{l}{\textit{Panel F: Using $\textrm{GPA\_luck}$ while controlling for $\widebar{\textrm{GPA\_luck}}$}} \\
\addlinespace[1ex]
$\textrm{GPA\_luck}$ &      0.0248***&      0.0017   &      0.0050** \\
                    &    (0.0015)   &    (0.0014)   &    (0.0025)   \\
